Medical Suites Singapore or Clinics for Sale
Update on Medical Suites Singapore 2018
Taking reference from 21 Oct 2018, Sunday Times Article, Medical suites is certainly one good route for property investment. Extracting from the article:
‘Medical Suites can be another segment worth exploring by retail investors, Singapore’s ageing population, rising affluence, increasing prevalence of chronic diseases and rising health awareness is expected to drive demand for local private medical services.’
‘…Singapore remains one of the top-ranked destinations for health treatment in the world, ranking fourth on the International National Health Research Center’s 2016 Index.’
What do you think the response will be from savvy investors?
Medical Suites for Sale are quite rare in Singapore due to restrictions and regulations. Of late, there has been an increasing demand for medical suites or clinics, not just for the doctors but also for the non-medical practitioners for the recent new launches. It is noted that the demand for medical space is not so sensitive to economic trends and business sentiment.
If you are looking for a medical suite or clinic investment, have a look a the listing below. If you are owner and intend to sell, please contact Commercial Property Partner, Desmond or fill in the contact form.
Singapore Medical Sector
Singapore is reputed for their sophisticated medical facilities and advanced medical technology. She is competing with Thailand and Malaysia in the medical tourism trade since 1980s. It is perceived that the quality and depth of medical care in Singapore has developed faster than its neighbors. Along with it, the number of medical personnel in Singapore has grown tremendously.
According to 2014 Bloomberg’s annual healthcare rankings, Singapore was ranked number one in the world, overtaking Hong Kong in health efficiency. The report was based on factors including life expectancy, the cost of health care and total medical expenditure for each person among 51 countries.
There has been an increasing independent medical centres that can be standalone specialist clinics that may have support from the large health care institutions. As a result, there has been an increasing demand for medical suites, not just for the doctors but also for the non-medical practitioners for the recent new launches.
Capital values of medical suites were proven to have doubled over the past decade. After 2010, prices of medical suites surged growing by around 60% between 2010 and 2013. The outlook seems positive and fuel further with stronger demand as the population has more ageing residents.
The Ministry of Health Singapore has unveiled the Budget Initiatives for 2015 with the objective of increasing the access of primary care sector by building more hospitals and specialist centres. By 2020, the government is looking to increase the nursing home capacity by 70% to 17,000 beds by 2020. They are also looking to build four more community hospitals in Jurong, Yishun Sengkang and Outram by 2020.
As a result of these trends, the medical suites sector is growing. There will be a premium for clinics to be housed in established centre. Foreign demands has added on the local demands and resulting in the need for more medical facilities. Singapore medical tourist arrivals are expected to be more than 1 million in 2015.
The Singapore Business review, predicated the medical tourism market to grow by 8.3 per cent annually and reach revenue of $1.36 billion a year by 2018.
A Safer Investment
Medical suites can fall under either commercial or healthcare zoning and these segments of property marketing are not affected by the cooling measures according to Urban Redevelopment Authority (URA). Therefore, it has been attracting developers to take an interest on this industry. The demand for medical space is not so sensitive to economic trends and business sentiment.
Some of the areas that are becoming the medical hub of Singapore include the Novena and Thomson area. There are huge clustering of medical service facilities, home care and day rehabilitation providers. Up and coming is the Farrer Park and Race Course areas.
b. Ministry of Health Singapore Budget Initiatives 2015
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